Workflow Management System Market by Component (Software, Services), Software (Production, Messaging-Based, Web-Based, Suite-Based), Services, Deployment Type, Industry Verticals - Forecast to 2021
DUBLIN, August 11, 2017 /PRNewswire/ --
Research and Markets has announced the addition of the "Workflow Management System Market by Component (Software, Services), Software (Production, Messaging-Based, Web-Based, Suite-Based), Services, Deployment Type, Industry Verticals, and Region - Global Forecast to 2021" report to their offering.
The workflow management system market is expected to grow from USD 3.51 Billion in 2016 to USD 9.87 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 23.0% during the forecast period.
The increased focus on streamlining business processes, achieving cost efficiency through workflow management, and increased access to information is driving the workflow management system market across all regions.
The workflow management system market is segmented by component (software and services), deployment type, industry vertical, and region. In the component segment, the service segment is observing great opportunities and importance among the end users due to the increase in IT consulting services. Moreover, in terms of software, suite-based workflow systems software segment is expected to grow at the highest CAGR during the forecast period, as it offers a suite of integrated office applications, such as spreadsheet, word processor, email, and presentation.
The cloud deployment type is expected to grow at the highest CAGR during the forecast period. The cloud deployment type is also projected to witness the highest demand due to increased cost reduction as compared to on-premises software deployment, as cloud deployed workflow management system software helps the customers to maintain flexibility, as well as, enjoy real-time access to data regardless of the location of the employees.
The workflow management system software has been deployed across various industry verticals, such as Banking, Financial Services, and Insurance (BFSI); public sector; healthcare; energy & utilities; retail: IT & telecom; travel & hospitality; transportation & logistics; and education.
The IT and telecom vertical is expected to witness the highest CAGR during the forecast period, as the enhanced competitive landscape of the telecom sector in the emerging nations calls for robust workflow management solutions that provide competitive advantage by streamlining back-office processes and procedures to better serve the customers. However, BFSI is estimated to have the largest market size in 2016, as BFSI companies have the need to digitalize large number of files and other physical documents. The workflow management system enables banks to automate various activities, such as loan approval, document management, and loan management.
The major vendors that offer workflow management system software and services across the globe are Xerox Corporation (U.S.), IBM Corporation (U.S.), Oracle Corporation (U.S.), Pegasystems Inc. (U.S.), Software AG (Germany), SourceCode Technology Holdings, Inc. (U.S.), Nintex Global Limited (U.S.), Bizagi (U.K.), Appian (U.S.), and Newgen Software Technologies Limited (India).
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the Workflow Management System Market
4.2 Market Snapshot: By Top Three Industry Verticals, 2016
4.3 Market Snapshot: By Region and Software, 2016
4.4 Lifecycle Analysis, By Region, 2016
4.5 Market Investment Scenario
5 Market Overview
5.1 Introduction
5.2 Market Segmentation
5.2.1 By Component
5.2.2 By Deployment Type
5.2.3 By Industry Vertical
5.2.4 By Region
5.3 Evolution
5.4 Market Dynamics
5.4.1 Drivers
5.4.1.1 Increased Focus on Streamlining Business Processes
5.4.1.2 Achieving Cost-Efficiency Through Workflow Management
5.4.1.3 Increased Access to Information
5.4.2 Restraints
5.4.2.1 High Implementation Costs Associated With Workflow Management System
5.4.2.2 Difficulty in Integrating New and Legacy Systems Through Workflows
5.4.3 Opportunities
5.4.3.1 Huge Growth Potential in Emerging Markets
5.4.3.2 Increased Adoption of Cloud Deployment Model
5.4.3.3 Increased Focus on Digital Transformation Initiatives
5.4.4 Challenges
5.4.4.1 Less Awareness About Workflow Management System
5.4.4.2 Concern Among Employees Due to Workflow Management System Implementation
6 Industry Trends
6.1 Introduction
6.2 Value Chain Analysis
6.2.1 Workflow Management System Software Providers
6.2.2 Workflow Management System Cloud Deployment Platform Providers
6.2.3 Workflow Management System Service Providers
6.2.4 Industry Verticals
6.3 Architecture
6.4 Strategic Benchmarking
7 Workflow Management System Market Analysis, By Component
7.1 Introduction
7.2 Software
7.2.1 Production Workflow Systems
7.2.2 Messaging-Based Workflow Systems
7.2.3 Web-Based Workflow Systems
7.2.4 Suite-Based Workflow Systems
7.2.5 Others
7.3 Services
7.3.1 IT Consulting
7.3.2 Integration and Implementation
7.3.3 Training and Development
8 Market Analysis, By Deployment Type
8.1 Introduction
8.2 Cloud
8.3 On-Premises
9 Workflow Management System Market Analysis, By Industry Vertical
9.1 Introduction
9.2 Banking, Financial Services, and Insurance
9.3 Public Sector
9.4 Healthcare
9.5 Energy and Utilities
9.6 Retail
9.7 IT and Telecom
9.8 Travel and Hospitality
9.9 Transportation and Logistics
9.10 Education
9.11 Others
10 Geographic Analysis
11 Competitive Landscape
12 Company Profiles
- Appian
- Bizagi
- IBM Corporation
- Newgen Software Technologies Limited
- Nintex Global Limited
- Oracle Corporation
- Pegasystems Inc.
- Software AG
- Sourcecode Technology Holdings, Inc.
- Xerox Corporation
For more information about this report visit http://www.researchandmarkets.com/research/c74w67/workflow
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